作者：YANG, XK; HEIJDRA, BJ
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
作者：AGELL, J; YSANDER, BC
作者单位：Uppsala University; Royal Swedish Academy of Sciences
作者：BERTOLA, G; DRAZEN, A
作者单位：University System of Maryland; University of Maryland College Park
摘要：We propose and solve an optimizing model which explains counterintuitive effects of fiscal policy in terms of expectations. If government spending follows an upward-trending stochastic process which the public believes may fall sharply when it reaches specific ''trigger'' points, then optimizing consumption behavior and simple budget-constraint arithmetic imply a nonlinear relationship between private consumption and government spending. This theoretical relation is consistent with the experie...
作者：JOHN, AA; PECCHENINO, RA; SCHREFT, SL
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：This paper examines the weapons-accumulation decisions of two adversarial countries in the context of a deterrence / conflict initiation game embedded in an overlapping-generations model. The demographic structure permits analysis of both within- and between-country intergenerational externalities caused by past weapons-accumulation decisions, as well as of intragenerational externalities from the adversary's current weapons accumulation. Zero accumulation is a possible equilibrium with both n...
作者：FISCHER, S; SUMMERS, L
作者单位：The World Bank; Harvard University
